ProShares UltraShort S&P500
SDS
56 hedge funds and large institutions have $128M invested in ProShares UltraShort S&P500 in 2026 Q1 according to their latest regulatory filings, with 28 funds opening new positions, 13 increasing their positions, 6 reducing their positions, and 15 closing their positions.
300% more funds holding in top 10
Funds holding in top 10: 1 → 4 (+3)
192% more capital invested
Capital invested by funds: $43.6M → $128M (+$83.9M)
117% more repeat investments, than reductions
Existing positions increased: 13 | Existing positions reduced: 6
87% more first-time investments, than exits
New positions opened: 28 | Existing positions closed: 15
27% more funds holding
Funds holding: 44 → 56 (+12)
11.84% more ownership
Funds ownership: 11.99% → 23.83% (+12%)
30% less call options, than puts
Call options by funds: $33.5M | Put options by funds: $47.7M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RAM
Revere Asset Management
Dallas,
Texas
|
+$33.3M |
| 2 |
BFIC
Bedell Frazier Investment Counselling
Walnut Creek,
California
|
+$11.4M |
| 3 |
IAN
Integrated Advisors Network
Dallas,
Texas
|
+$9.68M |
| 4 |
TJHA
Thomas J. Herzfeld Advisors
Miami Beach,
Florida
|
+$7.54M |
| 5 |
CFIM
Client First Investment Management
West Bend,
Wisconsin
|
+$7.32M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
QC
Quadrature Capital
London,
United Kingdom
|
-$5.55M |
| 2 |
GFG
Genesis Financial Group
Paramus,
New Jersey
|
-$3.48M |
| 3 |
FTUS
Flow Traders U.S.
New York
|
-$3.39M |
| 4 |
Goldman Sachs
New York
|
-$3.34M |
| 5 |
Squarepoint
New York
|
-$840K |
SDS Hedge Fund Activity: Q1 2026 in Review
56 of the 8,208 institutional investors tracked by Wall St. Rank reported a position in ProShares UltraShort S&P500 (SDS) for Q1 2026, worth a combined $128M — up 192% from $43.6M a quarter earlier.
Buyers outnumbered sellers: 28 funds opened new SDS positions and 15 closed out — a net gain of 13 holders — while 13 added to existing stakes and 6 trimmed.
The largest buyer was Revere Asset Management, opening a new position worth an estimated $33.3M. The largest seller was Quadrature Capital, exiting entirely with an estimated $5.55M sold.
- 56 institutional investors held ProShares UltraShort S&P500 (SDS) as of Q1 2026, up from 44 in Q4 2025.
- Funds reported $128M of ProShares UltraShort S&P500 stock for Q1 2026, up 192% quarter-over-quarter.
- 28 funds opened new ProShares UltraShort S&P500 positions in Q1 2026 and 15 closed out, a net change of +13 holders.
- The largest ProShares UltraShort S&P500 buyer in Q1 2026 was Revere Asset Management, an estimated $33.3M added.
- The largest ProShares UltraShort S&P500 seller in Q1 2026 was Quadrature Capital, an estimated $5.55M sold.
Based on aggregated 13F filings for Q1 2026.